Aug 1 | 2017

Is Your Cottage or Investment Property Vulnerable to Fraud?

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Is your cottage or investment property vulnerable to fraud?While people may see the value of getting title insurance for their homes, it is equally important to title insure any property you own – a cottage, summer home or even an investment.

Fraudsters may target properties that appear vacant or are rented out, especially ones that are mortgage free, and can either illegally transfer the deed to themselves and sell it out from under you or take out a mortgage on it and escape with the proceeds.

In one instance, a young man decided to use some of his savings and invest in real estate. He purchased an investment property for $204,500.00, as well as an FCT homeowner title insurance policy. Two years after the purchase, he received a notice stating that the mortgage was in default and that the lender would be taking possession of the property. Confused, he went to a lawyer as he knew that his mortgage was in good standing. An investigation revealed that though the man’s original mortgage was not discharged, the title was fraudulently transferred from the insured homeowner and a mortgage in the amount of $165,000 had been registered on the title. Mortgage funds were paid to the fraudster, who was now nowhere to be found.

Luckily for the young man, he was protected by an FCT title insurance policy. We coordinated and retained a lawyer on his behalf, and ultimately paid out $12,548.09 in legal fees to remove the fraudulent mortgage from title and rightfully transfer title back. The young man was able to keep his investment property, while being spared the time, expense and hassle of having to defend himself against the fraud.

While it’s not feasible to prevent fraud from taking place, the easiest way to protect yourself is to purchase title insurance. It will ensure that you are able to defend and retain the title to your property without experiencing all the stress and the costs associated with it, in addition to protecting you from a host of other title and non-title issues.

Have any questions about fraud protection? Share it with us in the comments section!

Oct 13 | 2016

Need a leader you can count on for faster, more confident closings?

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Commercial real estateIn Canadian real estate circles, FCT has long been recognized for its key role in pioneering the Canadian title insurance industry.

Over the last 25 years, we’ve made it our goal to invest in the success of our customers by investing in the industry itself. Through the development and implementation of innovative solutions that evolve along with a constantly changing industry and customer needs, we continue to fulfill our mission to make transactions simple and secure. This is especially true in commercial real estate where deals tend to be far more complex and multi-faceted compared to residential real estate. Streamlining the process and providing the best coverage available allows all parties to close more confidently while protecting these types of investments.

To hear what some of our commercial customers are saying about working with FCT, I invite you to take a few minutes and watch this short testimonial video of first-hand accounts.

After listening to the wonderful things these professionals have to say, it isn’t hard to see why we have a 94% rating when it comes to customer satisfaction; an invaluable illustration that speaks volumes about the loyalty shown to us by our commercial customers. It is for these customers that we live our motto of Experience Excellence® each and every day, and why we are here to underwrite the risks inherent to complicated commercial transactions. With world-class underwriting done by a team of in-house legal professionals who work on a case-by-case basis, we can offer the utmost in customized protection.

With FCT as your partner, known defects don’t have to equal unknown delays or lost deals.

Do you have a commercial transaction ready to go? Let us show you why we’re the industry leader.